Macroeconomic predictions discussed

President of Uzbekistan Shavkat Mirziyoyev discussed macroeconomic forecasts for the rest of the year and for 2023.

It is expected that despite the difficult situation in the world economic growth of not less than 5.5 percent, exports will increase by more than 13 percent and reach 19 billion dollars. Increasing employment and improving living standards remains a priority of government policy.

In particular, in 2022 8 trillion soums were allocated from the budget to improve the infrastructure of mahallas and solve the issues that have troubled the population for many years. Under the Initiative Budget, 2.5 trillion soums were allocated to projects in mahallas on the basis of proposals submitted by some 8 million citizens. At the same time, additional budget revenues of 16.5 trillion soums have helped to allocate more funds for improving infrastructure in the regions.

In 2023, gross domestic product is projected to grow by at least 5.3 per cent. Amid the ongoing difficult situation in the world and next year, efforts will be focused on ensuring macroeconomic stability and preventing a sharp rise in inflation.

The meeting defined measures to develop economic sectors and regions, support entrepreneurship, further improve the life of the population.

In particular, important tasks have been set to achieve next year's growth of industry by 5.1 per cent, agriculture by 3.5 per cent and services by 14.1 per cent. It is also indicated that it is possible to increase industrial production by 12 trillion soums through the identified reserves. For the development of entrepreneurship will be allocated 10 trillion soums. It is planned to allocate 200 trillion soums of credit resources through banks and to attract 500 million dollars of long-term resources from international financial institutions to the economy.

Tasks have been set to increase foreign direct investment and loans by 19 per cent to 10 billion dollars, to launch implementation of new major projects worth 8 billion dollars.

Around 300 major projects worth almost 8 billion dollars will also be launched in the regions in 2023. This will increase regional industrial production by 11 percent.

An $18 billion export plan by sector and region for 2023 was presented at the meeting. In particular, regional exports are planned to increase by 60 percent and reach nearly $10 billion.

The Head of State gave instructions to increase exports by 50-60 per cent in such sectors as electrical engineering, textiles, construction materials, leather and footwear, agriculture and pharmaceuticals.